Section 47-30-5 - Fraudulent corporate insolvency--Participating directors--Misdemeanor.

47-30-5. Fraudulent corporate insolvency--Participating directors--Misdemeanor. Every insolvency of a corporation is deemed fraudulent unless its affairs appear, upon investigation, to have been administered fairly and legally, and generally with the same care and diligence that agents receiving a compensation for their services are bound by law to observe. In every case of a fraudulent insolvency of a corporation, every director thereof who participated in such fraud, if no other punishment is prescribed therefor, is guilty of a Class 2 misdemeanor.

Source: SDC 1939, § 13.4314; SL 1983, ch 15, § 50.